Entrepreneurship and bank credit availability

• 成果类型: Article
• 署名作者: Black, SE; Strahan, PE
• 署名单位: University of California System; University of California Los Angeles; Boston College
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00513
• 发表日期: 2002
• 页码: 2807-2833
• 关键词: deposit insurance; BUSINESS; performance; industry; consolidation; ECONOMICS; GROWTH; WEALTH

摘要

The literature is divided on the expected effects of increased competition and consolidation in the financial sector on the supply of credit to relationship borrowers. This paper tests whether policy changes fostering competition and consolidation in U.S. banking helped or harmed entrepreneurs. We find that the rate of new incorporations increases following deregulation of branching restrictions, and that deregulation reduces the negative effect of concentration on new incorporations. We also find the formation of new incorporations increases as the share of small banks decreases, suggesting that diversification benefits of size outweigh the possible comparative advantage small banks may have in forging relationships.